Aboitiz Equity Ventures Inc is expecting the finalization of funding requirements for two power generation projects by next month at the earliest. The two projects are expected to cost US$1.52 billion, namely the construction of a new coal-fired power plant in Mindanao and the coal power project expansion located in Luzon.
According to AEV CFO Stephen Paradies, in an interview, "For Therma South Inc, (TSI), we hope to close (the financing) by June. We also want to close the Pagbilao deal."
In a separate interview, AEV President and CEO Erramon Aboitiz said, "In our capital expenditure program, which are basically power plants, the idea is to get 70% from project financing."
The power generation arm of AEV is Aboitiz Power Corp through its subsidiary TSI, TSI would be building the 300 megawatt coal fired power plant in Davao at a projected cost of US$720 million.
Aboitiz further said that the company is keen on adding on 1,850 MW of generating capacity in the next half decade, requiring about Php 190 billion in capital outlay.
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